Songwon Industrial (Ulsan, Korea), the second-largest producer of antioxidants, signed a deal with HPL Additives (Delhi) today at the K2010 plastics exhibition in Düsseldorf, under which HPL will spin off its polymer stabilizers business into a separate entity that will be owned 60% by Songwon and 40% by HPL. The parties expect the the new company, Songwon HPL Additives, to be operational by the second quarter of next year. The partners, through the new joint venture, plan to establish a one-pack systems (OPS) operation in a Mideast country to cater to the...

Joint venture of Songwon with HPL is expected to achieve market penetration into new areas overtime, enter and develop new product markets, expand into new geographic areas and participate in new technology driven value activities.